Additionally, two shipbuilding contracts signed byCOSCO (Guangdong) Shipyard Co. Ltd., a subsidiary of the company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., with a European ship owner for the construction of two PX121 platform supply vessels (PSVs) have been declared effective.

The two vessels are expected to be delivered in 1Q 2016 and 2Q 2016, respectively. The ship owner also has an option to render effective, within six months, two contracts for the construction of similar PX121 PSVs.